State, feds ante up for veteran projects in Glendale
Two planned affordable housing projects that will give priority to military veterans have received millions more in state and federal subsidies.
On Tuesday, the City Council, in its dual role as the Housing Authority, approved giving Veterans Village and Cypress Senior Living about $1.8 million, and a state commission recently doled out $1.5 million for the projects.
Veterans will be given priority in applying for the new 44-unit Veterans Village at 327-331 W. Salem St. and the 18-unit Cypress Senior Living, a rehabilitation project at 311 E. Cypress St.
The city’s extra funding — $1.28 million for Veterans Village and $531,000 for Cypress Senior Living — came after the city discovered additional federal money that had to be used or risk being returned to Washington, D.C.
In addition to the federal loans, Veterans Village and Cypress Senior Living also netted $1.2 million and $300,000, respectively, from a state commission charged with doling out federal tax credits. Private entities receive tax credits in exchange for investing in affordable housing and the developers don’t have to pay back the government for the cash.
While Glendale projects don’t often take advantage of tax credits, with the loss of redevelopment statewide, more local developers have been eyeing the incentive.
Veterans Village, a $15.5-million development for families, is anticipated to begin 14 months of construction in September, with tenant selection occurring August 2014, according to a city report.
Work on Cypress Senior Living, a $4.2-million rehabilitation project for seniors, is expected to begin by January, with relocation of the current tenants — many of them families — occurring August through October. Tenant selection will begin around the same time as construction.
To qualify for Veterans Village — where rents will range from $480 for the least expensive one-bedroom and $1,332 for the most expensive three-bedroom unit — applicants must make less than $36,000 for a one-person household and less than $51,000 for a four-person household.
The same income ranges apply for Cypress Senior Living, which will only have studios and one-bedroom apartments. Studios may range from $448 to $897 and one-bedrooms could cost between $480 to $961.
Rents and income ranges may change, depending on annual alterations to affordable housing criteria.
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